Guernsey: New Investments In Guernsey Funds Set Record

Last Updated: 3 May 1996
With a dramatic increase in net new investment during the first quarter of 1996 and strong market performance, particularly in emerging markets, total collective investment funds under management in Guernsey rose by £1. 1 billion to a record high of £13.9 billion at 31 March 1996, an increase of 8.6% from the previous quarter.

The net asset value ("NAV") of authorised open-ended schemes rose by £720 million to a new high of £9.1 billion. That of closed-ended funds rose by £381 million, reaching a high of £4.8 billion. Thus both types of fund increased in value by 8.6%.

Although the total number of open-ended funds fell by five from the previous quarter, largely due to end-of-year suspensions of existing funds, there was one new fund authorised - an open-ended umbrella fund. Six new closed-ended schemes received consent during the period.

Net sales of £331 million in the quarter particularly underscores interest in open-ended schemes. This trend continues, with twelve applications for open-ended funds in the pipeline, mostly to invest in emerging markets.

Growth in Guernsey's investment business sector has steadily increased over the past twelve months. The total number of funds has risen to 335 (up from 311 at end March 1995) and assets under management have increased by 3 1 % over the same period.

An Appendix which summarises and analyses the returns is below.

Enquiries to:
Nigel Taylor, Superintendent of Investment Business
Tel: (01481)712706

Tammy Menteshvili, Deputy Superintendent of Investment Business
Tel: (01481)712706

La Plaiderie Chambers, La Plaiderie, St. Peter Port, Guernsey, Channel Islands, GY1 1WG

APPENDIX

Guernsey Collective Investment Funds: Statistics

1. OPEN-ENDED SCHEMES
At                 Number of     Value of       Number of
                   Authorised    Schemes        Registered
                   Schemes                      Holders

31 Dec 1989          123          2,563          60,054

31 Dec 1990          156          3,069          67,767

31 Dec 1991          153          4,297          61,524

31 Dec 1992          158          5,462          68,721

31 Mar 1993          169          5,957          80,264

30 Jun 1993          174          6,166          82,702

30 Sep 1993          185          7,217          84,839

31 Dec 1993          194          8,310          88,721

31 Mar 1994          186          8,630          92,070

30 Jun 1994          194          8,358          90,442

30 Sep 1994          199          8,350          95,473

31 Dec 1994          201          7,879          93,660

31 Mar 1995          198          7,441          92,924

30 Jun 1995          198          8,010          98,536

30 Sep 1995          200          8,142         100,447

31 Dec 1995          194          8,389         103,853

31 Mar 1996          189          9,108         105,847

During quarter      Sales       Repurchases    Net Investment
ended               (£mn)       (£mn)          (£mn)

31 Dec 1989          512          260           252
31 Dec 1990          409          183           226
31 Dec 1991          619          263           356
31 Dec 1992          693          692             1
31 Mar 1993          915          801           114
30 Jun 1993          862          817            45
30 Sep 1993        1,124          706           418
31 Dec 1993        1,251          592           659
31 Mar 1994        1,404          975           429
30 Jun 1994          770          691            79
30 Sep 1994          652          700           (48)
31 Dec 1994          508          725          (217)
31 Mar 1995          499          619          (120)
30 Jun 1995          824          609           215
30 Sep 1995          622          579            43
31 Dec 1995          761          715            46
31 Mar 1996        1,116          785           331
ANALYSIS BY TYPE, CLASS, ETC AT 31 MARCH 1996
Securities Schemes           84     20     64     52     32     30
Umbrella Funds               71     17     54     47     24     16
Govt & other Public Funds    13      5      8      6      7      1
Funds of Funds                6      1      5      6      -      -
Futures & Options Funds       3      -      3      3      -      1
Money Market Funds            3      1      2      2      1      -
Feeder Funds                  2      1      1      1      1      1
Other                         7      -      7      3      4      2
TOTAL                       189     45    144    120     69     51
* comprising 412 sub-funds

NOTES
Class A schemes are those which meet the Commission's Collective
Investment Scheme Rules 1988 and are thereby eligible for recognition by the UK Securities and Investments Board for sale to the public in the United Kingdom by virtue of Guernsey's designation under Section 87 of the Financial Services Act 1986.

Class B schemes are also authorised under the Protection of Investors Law 1987, and are subject to the Collective Investment Schemes (Class B) Rules 1990.

OEIC - open-ended investment companies/UT - unit trusts

2. CLOSED-ENDED SCHEMES
At          Number of     Value of      Number of      Stock-Exchange
             Schemes       Schemes     Registered           Listed
                                         Holders

31 Dec 1990     55          1,341          5,690             N/A

31 Dec 1991     68          2,111          6,069              27

31 Dec 1992     78          2,829          6,221              31

31 Mar 1993     79          2,824          6,455              31

30 Jun 1993     80          3,047          7,106              32

30 Sep 1993     84          3,149          5,916              32

31 Dec 1993     86          3,763          5,972              33

31 Mar 1994     89          3,643          6,332              35

30 Jun 1994     96          3,620          6,479              36

30 Sep 1994    101         3,574          6,773               36

31 Dec 1994    107         3,596          6,992               38

31 Mar 1995    113         3,225          7,760               39

30 Jun 1995    120         3,908          8,167               42

30 Sep 1995    124         4,056          7,547               42

31 Dec 1995    140         4,447          8,096               43

31 Mar 1996    146         4,828          8,392               45
3. TOTAL FUNDS UNDER MANAGEMENT
At          Number of     Value of      Number of      Stock-Exchange
             Schemes       Schemes     Registered          Listed
                                         Holders

31 Dec 1990    211          4,410         73,457             N/A

31 Dec 1991    221          6,408         67,593              59

31 Dec 1992    236          8,291         74,942              64

31 Mar 1993    248          8,781         86,719              65

30 Jun 1993    254          9,213         89,808              66

30 Sep 1993    269         10,366         90,755              68

31 Dec 1993    280         12,073         94,693              72

31 Mar 1994    275         12,273         98,402              78

30 Jun 1994    290         11,978         96,921              82

30 Sep 1994    300         11,924        102,246              84

31 Dec 1994    308         11,475        100,652              90

31 Mar 1995    311         10,666        100,684              90

30 Jun 1995    318         11,918        106,703              93

30 Sep 1995    324         12,198        107,994              93

31 Dec 1995    334         12,836        111,949              94

31 Mar 1996    335         13,936        114,239              96

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Visit the Guernsey Financial Services Commission Web Site at Click Contact Link
For further information contact Peter Crook on Tel: +44 (0) 1481 712706, Fax: +44 (0) 1481 712010.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

 
In association with
Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions